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1978 (12) TMI 34 - HC - Income TaxExtract: .......e market value of the original shares on the 1st January, 1954. For the above reasons and applying the principles laid down by the Supreme Court in Shekhawati General Traders Ltd. 1971 82 ITR 788, we uphold the contentions of the assessee. The question is answered in the negative. There will be no order as to costs. BIMAL CHANDRA BASAK J.--I agree.
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